Flood Zone Classification Change
Dear community homeowner:
The Association Board is notifying you that FEMA has officially removed all the community buildings out of the restrictive flood zone. With this flood zone exemption the community flood insurance policies will not be renew for next year. We are providing the owners, documentation to notify your lender and also information on obtaining insurance if you wish to continue have flood insurance for your unit. Listed are the steps for the owner:
- Using this form letter and LOMA, contact your mortgage lender’s insurance department (phone number and address is usually on that back of your monthly statement). Inform them, that there has been a flood zone designation change on your property. They will review the data and make the determination that the flood insurance is no longer a requirement for your mortgage. This process has taken up to 2 weeks and they will respond by letter releasing the flood insurance.
- If you want to have flood insurance, contact your insurance agent and provide them with a copy of the LOMA and the letter from the
bank. You can discuss you future insurance options with your agent. With the LOMA status you are eligible for Preferred Risk Policy (PRP) which is the lowest cost insurance for an individual unit owner.
With this exempt status on your building, you will benefit by the lender not requiring flood insurance and if desired you can purchase an individual cheaper insurance policy for your unit. Also this should increase the value of our community and also help with the association cost.
If you have any questions please contact the office or ask at the next association meeting.
Sincerely
Royal Park Condominium